GBP/USD bears failed near 1.4300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The British pound is following the rest of the risk-associated assets on their way south on Monday, with GBP/USD falling to test the 1.4320/10 band.

    GBP/USD upside limited near 1.4400

    Spot has deflated more than a cent since Friday’s peaks in the 1.4430 area, although a break below the key support at 1.4300 still remains elusive for GBP-bears.

    The selling pressure around crude oil prices continue to hurt the risk-on sentiment, keeping the demand for the sterling subdued and thus exacerbating the downside.

    Ahead in the week, UK’s labour market figures are due followed by the BoE MPC monetary policy meeting, with consensus expecting another 9-0 vote in favour of keeping the status quo unchanged.

    GBP/USD levels to consider

    As of writing the pair is losing 0.27% at 1.4333 and a breakdown of 1.4249 (50% Fibo of 1.4670-1.3833) would open the door to 1.4171 (20-day sma) and finally 1.3836 (multi-year low Feb.29). On the other hand, the initial hurdle lines up at 1.4438 (high Mar.11) followed by 1.4471 (76.4% Fibo of 1.4670-1.3833) and then 1.4670 (high Feb.4).
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